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ECONOMICS CHAPTER 2 - Coggle Diagram

- - - - This is because of the way that economists put forward and investigate theories in the same way as scientists
    - - The ‘social’ aspect is because economics looks at human behaviour, particularly in relation to satisfying human needs and wants
- - - - it is possible for all factors of production or resources to change. So, in the long run, a firm may improve the quality and quantity of its capital by building a new factory to increase its output.
    - - In the very long run, all factors of production and other key inputs can change. Key inputs can include technology, government regulations and social concerns.
    - - is a time period in which it is possible to change
        only some inputs.
        
        It when labour, a factor of production or a variable resources can be increased or decreased to change what you are producing